Tuesday 17 October 2017

Dubai property deals soar 38pc in Q1

Dubai, April 19, 2014

The total amount of real estate transactions in Dubai during the first quarter of the year reached Dh61 billion ($16.6 billion) as against Dh44 billion during the same period of 2013, marking a rise of 38 per cent, a report said.

The Dubai Land Department (DLD) stated that a total of 15,694 real estate transactions were recorded in the first quarter of 2014, an increase in activity of 11 per cent over the same period last year, according to a report in Emirates 24/7.

There were 11,567 sales activities worth a total of Dh31.5 billion and 3,482 mortgage transactions, worth over Dh28 billion, while other categories accounted for Dh1.7 billion from 636 transactions, the report said.

“We expect the next three quarters to be similarly as active, especially as this period follows the launch of a number of stimulating economic projects in Dubai and the disclosure of some of the preparations for the city’s hosting of Expo 2020,” Sultan Butti Bin Merjen, director general of DLD was quoted as saying in the report.

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